Brooklyn-based startup itselectric has raised $2.2 million in a pre-seed funding round led by Brooklyn Bridge Ventures. The company will use the new funding to focus on the deployment of pilot programs in major cities across the US in 2023.
itselectric aims to address the Plight of the Drivewayless—millions of drivers park their cars on the street and have no option to install their own chargers. itselectric partners with neighborhood property owners to install Level 2 curbside charging posts that run off the property owners’ electrical supplies. Once a property is deemed eligible, itselectric installs and maintains a low-profile charger and pays the property owner for the electricity used. The company provides a detachable cord to each member driver.
itselectric says its behind-the-meter approach results in zero impact on municipal budgets. It plans to partner with cities across the US to install, operate and maintain chargers while allowing property owners to earn passive income every month.
“At least 40 million US drivers park their cars on the public streets, and municipalities are looking for solutions that will help these drivers go electric,” said itselectric CEO and co-founder Nathan King. “This funding will position itselectric as the first truly scalable, equitable and affordable solution for urban EV charging.”
“There is limited interest from other charging providers to create publicly-accessible curbside charging that considers the neighborhoods they are installing within,” added Tiya Gordon, COO and co-founder. “Our solution is a sleek, low-profile curbside charger that provides revenue sharing for property owners and plentiful access to EV drivers, and has zero impact on municipal budgets.”
“When I saw itselectric’s solution, I saw an innovative approach to a major problem in the United States,” said Charlie O’Donnell, founder and General Partner of Brooklyn Bridge Ventures. “The curbside charging space has largely been ignored, despite the impact it can have on nationwide EV adoption.”